Market Strategy & Developer Solicitation Process Implementation
The Canaveral Port Authority controls and operates the second largest cruise port in the world. The Authority retained C&S to provide real estate advisory services to address the opportunities and constraints associated with the development of commercial retail, restaurant, hotel, and entertainment space as part of its Cove redevelopment project.
After the completion of a retail and restaurant market analysis for the site, C&S further tested project feasibility by conducting industry research and a series of interviews with national retail, restaurant, hotel, and entertainment developers/operators. In addition, C&S also investigated public-private development agreements and ground lease structures to identify prevailing terms and conditions in the marketplace.
C&S staff represented the Port, conducting site visits to development projects comparable to the planned Cove development. Our team also facilitated an extensive public workshop series to engage stakeholders and the community at-large in preparing the master site plan for the Cove.
C&S identified an implementation strategy for the port’s consideration which included soliciting a master development partner. C&S managed the developer solicitation process for the Port including drafting the RFQ and supporting documents, evaluating developer qualifications, and presenting the recommended development team and partnership structure to the Port’s Board of Commissioners for final selection and approval. C&S worked to assist the Port through negotiation support.
Additionally, C&S also evaluated existing Cove leases, benchmarked industry lease structures and terms, and provided resulting input for a new Port leasing policy.